A blockchain may be used as a public ledger to store any type of information. Although, primarily used for financial transactions, a blockchain can store any type of information including assets (i.e., products, packages, services, status, etc.). A decentralized scheme transfers authority and trust to a decentralized network and enables its nodes to continuously and sequentially record their transactions on a public “block”, creating a unique “chain” referred to as a blockchain. Cryptography, via hash codes, is used to secure an authentication of a transaction source and removes a central intermediary.
User consent-based resource sharing is common. There are various protocols and systems used for third party access to user resources on a cloud server. Service providers can often benefit from sharing common customer information with each other to save time and resources as well as optimize compliance, risk management and customer experiences. For example, a particular area or region can agree to share verified personal information for improving compliance with know your customer (KYC) standards. If one customer makes changes (e.g., status change, address change, etc.) then those changes made to the customer data by one provider should be immediately visible to others. However, service providers' relationships with customers must not be revealed while sharing information. Service providers have to respect customers privacy as the customer data is personal in nature and explicit customer consent for sharing each data element must be acquired and recorded for future reference purposes.
Additionally, when a customer decides to revoke access to his or her data to any service provider, that provider must not be able to view any updates to the customer's data thereafter. Most of the shared KYC examples that exist today are centralized and require a central trusted party. Ongoing efforts to create decentralized data sharing based on KYC standards do not provide a mechanism for selectively sharing data with parties operating under a smart contract. Creating such privacy mechanisms is also burdensome since the underlying blockchain technology generally does not support anonymity.